Offer price

Not for distribution into the United States, Canada, Australia or Japan (or to U.S., Canadian, Australian or Japanese persons)

The Board of Directors of Immobiliare Grande Distribuzione S.p.A., which met on February 4, 2005, resolved to fix in Euro 1.45 per share (of which € 0.45 as share premium) the final price of the issue of the shares resulting from the capital increase, with exclusion of pre-emption rights, to global offering and the possible greenshoe.

Based on the offer price, the counter-value of the global offering, net of the possible greenshoe option exercise, amounts to Euro 138.4 million.

Payment and delivery of the granted shares  is planned for 11 February 2005.

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